Quick and easy to find a suitable funder!
Getting an online loan for the self-employed can be very frustrating and time-consuming. We help you to find a suitable loan. Because especially as a company founder it is important to have a suitable financing. The right financial start to your self-employment! So you can borrow money.
Where can I get a loan as a self-employed person?
I record my personal experiences here and show with a simple example how you can get money as a self-employed. How to borrow money online if you urgently need a corporate loan!
Which providers work, what you should pay attention to if you want to apply for a business loan,
Credit without credit bureau for the self-employed
Small loan for the self-employed
I was convinced that I needed the equipment. And so I immediately went to my house bank and asked for a small loan for the self-employed.
The result: After I could prove no income, the bank employee had carried me out after 5 minutes. At the same time I thought. Wow, that’s almost as bad as a movie and a scene with a loan shark.
The risk is too big, the bank can not give me a loan for my business idea! Honestly. What else had I expected?
At first I thought that the bank employee simply did not like me. But after further visits to other banks, I realized that each bank had to follow its acceptance guidelines.
Guidelines have been set to filter risk groups in advance. An installment loan for the self-employed is such a risk group. If the company is newly established, has no sales and no record of proven revenue of at least three solid fiscal years, then you will not get the financing of your self-employment with any bank in the world!
Instant loan for self-employed
What did I learn from this? If I have an existing company and if I can prove an income for at least 3 solid business years, then I may also be able to get a loan for my self-employment from my house bank. But for most self-employed people it’s difficult. So what to do if it is not possible to finance a self-employment with a bank?
Loan comparison for self-employed
You search the internet and try to learn more about the possibilities and how to lend money to your business. There are many loan calculators, and many loan comparisons for the self-employed.
From car loan, to home loan, small loan, instant loan without proof of income, credit without income to a free credit card ! And yes, you hardly believe it: you will also find numerous advertisements and offers for a loan for the unemployed!
Credit for freelancers
But what help me all these offers and a loan comparison for self-employed, if I receive an immediate credit rejection after the application? And how is it possible to get an instant loan for the self-employed without proof of income?
One way to get a loan for the self-employed is to know private lenders whose risk appetite is greater. private lenders do not follow the traditional acceptance guidelines of banks and thus open up the possibility of getting a loan without proof of salary.
A personal loan is often the only solution to finance your self-employment!
Online loan for self-employed with instant confirmation
Many company founders suffer from the fact that local banks take far too long to get feedback when they apply for a loan.
Young entrepreneurs are in a hurry and long waiting makes no sense in many cases. And then to receive a rejection, that’s really annoying. What do you need as a self-employed person if you want to borrow money for your company?
I have the answer for short-term loans or how you as a self-employed can get an instant loan online.
Attention: If you are in a hurry, use our fast 2-minute credit search for the self-employed. We are looking for suitable private investors. We will send you a selection of suitable private lenders, which can help you quickly and easily to lend as a self-employed money!
Loans for the self-employed are often the only chance to start the company. And do not worry, the good news anticipates: Even if your bank should have your corporate loan refused, there are private lenders who want to invest in young entrepreneurs and thus good credit for the self-employed offer!
Personal loan for the self-employed
There are reasons to need money, no matter if you are self-employed or you want to become one in the future. If you are already an independent entrepreneur you may need a loan to bridge a short-term financial emergency.
For this purpose, there is also a so-called bridging loan for entrepreneurs. But also necessary renovation costs or a bad economic year are all good reasons to claim a loan as a self-employed.
Necessary investments such as expanding the company, etc. etc. It should be noted that a personal loan for the self-employed is relatively difficult to get, rather it is difficult on the Internet to find a cheap loan for the self-employed.
The fact remains: special for company founders and self-employed, it is particularly difficult to find a reasonable loan.
Banks normally consider a fixed employment relationship to be good security, which a self-employed entrepreneur can not offer, especially when starting up his own company. Therefore, the bank must conduct a thorough investigation of the company, which can be very tedious.
On top of that, the bank is obviously reluctant to do this work. For them, it’s just a lot harder to gauge your credit rating than a private borrower. Of course, this also applies if it should be a so-called refinancing.
All this is reflected in higher lending rates, because banks consider you self-employed virtually as incomeless. Your possible credit depends on the business evaluation, as the banks are still stuck in this outdated belief work contract = security.
Loan for self employed by private person
Private individuals are therefore usually easier to get a loan than self-employed. The bank’s safety thinking is the main reason for that. How do you still get a cheap loan as a self-employed person?
What can you do if you want to borrow money today ? One possibility is state funding levels. Sometimes you even give interest-free loans to the self-employed. A huge help for young entrepreneurs. Nonetheless, all loans must be repaid.
Banks provide security
The most important thing for the bank is that it gets its money back. This means for you that you have to liquefy your assets relatively quickly in the event of a loss of money. And that also applies to loans for the self-employed.
If houses, land, cars, apartments, ornaments, furnishings, etc, can be quickly converted into cash, then this increases your credit rating. On your personal wishes in this case, little consideration is taken, even if it should be just a mini loan !
Another type of security would be a guarantor. If you find one, the bank will also lower your risk.
Of course, your guarantor should be creditworthy and, in the event of your bankruptcy, actually be able to pay.
There are now two types of guarantors:
Solidarity: In this type of guarantee, the debtor is on an equal footing with the guarantor, which means that the bank can always go to the guarantor to demand money from him/ her. This type of guarantee should be very well considered.
The default guarantee:
In this type of guarantee, the debtor is first targeted by the bank, the guarantor is only asked to pay after the debtor has defaulted. This type of guarantee should also be well considered and the partner should be chosen carefully. Even when it comes to loans for the self-employed, this is not really different.
Lending costs you money
A loan costs far more than the amount you get from the bank. Not only are the interest rates added – it starts with the processing fee. This can be from 0.5% to 2% of the total.
Another cost factor is the provisioning fee. Of these, a loan for self-employed is not excluded! This is calculated annually, it is justified by the framework that the bank gives the debtor, but is not used.
Another cost item is the overdraft interest and the overdraft commission, which occurs when the given/ granted credit limit is exceeded. If one counts all these points together, one comes to an amount, which is clearly higher than the borrowed sum.
Different forms of loans
The investment loan: If you want to buy real estate, vehicles, houses, machines, etc. with your credit (in principle fixed assets), the investment loan is the right choice for you.
With this type of loan, the loan is usually paid out immediately. Since a fixed asset is used over longer periods of time, the repayment rate is also longer. Thus one can count on long-term financing.
This also applies to borrow money without a bank ! The liability loan/ bank guarantee: In this type of loan, the bank undertakes to pay the debtor a certain amount, even if he can no longer meet his payments.
Thus, a guarantee of obligations is guaranteed, and you can move as a self-employed entrepreneurs a bit “freer”. This type of loan is often used today instead of rent deposits.
Note also the much lower interest rate on this form of credit. Current account credit/ working capital loan: This is a loan that can be called up at any time.
It runs through a loan account, which can be charged up to a predefined credit limit. It does not matter if you are applying for a self-employed loan or if you have any other prospect.
The perfect opportunity for the self-employed, to keep a certain amount of financial space open, be it for renovations, new acquisitions or just other extensions.
You can also use this loan to bridge the time between the purchase price and the sales proceeds.
The loan conditions
It is always important to compare your contract with others. Only then can you avoid too high a rate of interest. Look at various credit institutions and ask for their contracts.
Of course, always pay attention to the fine print and respond to any improvement or deterioration. The bank will not do that for you because it wants to make money for itself.
Compare contracts is very important, so you will not be ripped off. It is always worthwhile to compare the contract for self-employed entrepreneurs with a contract for private loans.
Online loan for the self-employed
For an independent entrepreneur looking for a loan, the Internet is a great tool. You can conclude a variety of contracts through private lending companies.
There are also programs that allow you to calculate your interest rate and your term. They are not 100% accurate forecasts, but they are very close to reality. On the internet, you’ll also find a list of banks offering solutions to your problem.
Do you find such online loan calculators, always pay attention to who provides these “programs”. You may be manipulated to direct you to specific providers.
There is no need for a personal conversation on the internet. After you have found a suitable provider, you can forward your personal information and an instant check is performed.
Within a short time you will know if you are considered creditworthy or not.